Terraform Labs and CEO Do Kwon are finalizing a settlement with the Securities and Exchange Commission. Both parties are expected to submit the final terms for court approval by mid-June.
Terraform Labs and CEO Do Kwon are finalizing a settlement with the SEC. Both parties are expected to submit the final terms for court approval by mid-June.
Terraform Labs and its CEO Do Kwon have agreed in principle to settle a fraud case with the U.S. Securities and Exchange Commission , according to court filings.a settlement in principle in a telephone conference held before Judge Jed S. Rakoff on May 29. The settlement terms are expected to be finalized and submitted for court approval by June 12, 2024.
The collapse of Terraforms in May 2022 triggered the latest crypto winter, leading to a sharp downturn across markets and affecting multiple crypto firms and investors.of $1 million, arguing against disgorgement, especially from affiliated entities not directly named in the SEC’s case, like the Luna Foundation Guard.
The SEC went further to propose a prohibition on Kwon’s roles as an officer or director in any securities-issuing entity. The regulator also demanded Kwon fully disclose details about his financial accounts and assets. In a separate filing, Kwon claimed that providing details of his assets and accounts would violate his Fifth Amendment rights against self-incrimination.
Kwon was arrested in March 2023 for falsifying travel documents while trying to leave Montenegro, where he also faces potential charges. He was later released on bail, and the U.S. seeks his extradition.
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